Investment externalities in models of fire sales

被引：1

作者：

Kurlat, Pablo ^{[1
]}

机构：

[1] Univ Southern Calif, Dept Econ, 3620 S Vermont Ave, Los Angeles, CA 90089 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2021年 / 122卷

基金：

美国国家科学基金会;

关键词：

Fire sales; Pecuniary externality; Asymmetric information; CAPITAL FLOWS; MARKET; LIQUIDITY; DEBT; EQUILIBRIUM; VOLATILITY; LEMONS;

D O I：

10.1016/j.jmoneco.2021.07.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Two alternative models of fire sales that yield the same aggregate predictions have different normative implications. If fire sales result from marginal misallocation, a pecuniary externality leads to ex-ante overinvestment. If they result from asymmetric information, the overinvestment result is reversed. However, there may be a tradeoff between present and future underinvestment. Ex-ante macroprudential policy may need to treat different types of investment differently, but ex-post intervention is useful in both cases. (c) 2021 Elsevier B.V. All rights reserved.

引用

页码：102 / 118

页数：17

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